Trends for #Insurance: August 2020
This article is part of The Future of Insurance -LinkedInâs Newsletter Series, authored by Dogan Kaleli. Click here to subscribe and get updates on the technology, customer & employee experience, future of insurance industry and trends!
A month ago, I wanted to test your reaction for a concept I had in mind: âTrends of the month for insuranceâ, and the results were awesome! It was shared 25+ times, and around 1,200 people subscribed following the first Trends for #Insurance article. So Iâve decided to continue to see if we can make it a monthly thing⌠Remember: Trend Explorer is supporting me on this. Itâs a platform where you can discover 30,000+ forward-looking trends in various industries, including insurance. You can use these trends for different reasons, from product development based on trends to your innovation management.
Ok, here are the Trends for #Insurance: August 2020
#1 Autonomous coast-to-coast truck network
The US start-up TuSimple is building a network of self-driving trucks in the US. The vehicles will operate from the east coast to the west coast. TuSimple is working with major logistics companies such as UPS and Xpress Enterprises to build the network. The service will cover the entire USA from Los Angeles to Florida. This includes connecting hundred of warehouses. The trucks use nine cameras and a Lidar system for positioning. The vehicles are already being tested, but currently with a human driver on board in case emergency intervention is required. Think about the implications of this in our customersâ lives both personal and commercial customers, and how the insurance industry can adapt its products to this new reality.
#2 Blockchain monitors automotive suppliers
Mercedes-Benz has partnered with the software company Icertis to develop a blockchain platform that makes complex supply chains more transparent. This will control the compliance with standards that have been contractually agreed with subcontractors. These standards include working conditions, human rights, environmental protection, safety and business ethics. If they are not upheld, the blockchain will show it. Every underwriter in the business with some property background knows that supply-chain management and risks around it are very tricky, and if you donât have a solid control strategy on it, you might lose a lot of money (i.e. when a CBI claim âhitsâ you!). This project started around compliance of subcontractors, but I am excited about the next phase already: it can make the data around the entire supply-chain system of our customers transparent, and think about the risk models we can create with that data!
#3 App detects lung congestion based on voice
The Israel-based start-up Cordio Medical has developed an experimental app which analyses the userâs voice to find out if theyâre experiencing heart failure related lung congestion. Users record their voice every day for a short time and then have it compared to a target value. If the app determines that liquid is increasingly being collected in the lungs, it informs both users and doctors so that medical treatment can be undertaken before the patient has to be admitted to a hospital. This and similar technologies definitely is transforming health / life insurance; providing an âearly-warningâ system, and supporting our insureds.
#4 5G network for energy sector
As part of the âWireless for Verticalsâ research project, the Swiss power and automation technology company ABB has partnered with the Finnish telecommunications Group Nokia, among others, to conduct research on a 5G network for the energy sector. The project focuses on organising a secure and reliable system operation. The test scenarios use the 5G-based ultra-reliable communication with low latency, so that data can be transferred in just a few milliseconds with extremely high reliability. Whatâs more, this ensures that major disruptions can be removed quickly.
#5 Wearable enables ultrasound treatment
The US company ZetrOZ has developed a wearable mechanobiological device called sam that can be used to treat the knees, elbows, back and neck injuries. The device is ideal for treating soft tissue, arthritis and joint issues without the need for surgery or pain medication. It uses ultrasound energy to accelerate biological healing processes and reduce pain. Unlike traditional ultrasound treatments, sam is approved to provide treatment for four hours per day, versus 20 minutes per day. Wearables are becoming more and more common every day, and Iâm especially excited about the opportunities this creates for health / life insurance companies (i.e. a real-time risk / portfolio management framework can be created using the data provided by these wearables).
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Originally published at https://www.linkedin.com and authored by Dogan Kaleli.
